AceVector SaaS revenue rose 97% and EBITDA margin hit 20.2%

AceVector’s software-as-a-service, or SaaS, revenue rose 97.3% from Rs 10.3581 crore in FY24 to Rs 20.4338 crore in FY26. The segment’s adjusted earnings before interest, taxes, depreciation and amortisation, or adjusted EBITDA, reached Rs 4.1277 crore, equal to a 20.2% margin, while SaaS increased to 40.04% of AceVector’s revenue from operations.

How fast did AceVector SaaS revenue grow?

AceVector’s SaaS revenue grew 51.6% year on year to Rs 20.4338 crore in FY26 from Rs 13.4790 crore in FY25, following Rs 10.3581 crore in FY24. The FY26 result covers the Unicommerce product suite, including Uniware, Shipway and Convertway, operated by listed subsidiary Unicommerce Solutions Limited. SaaS is a model in which customers use software services rather than buy a one-time software licence.

SaaS accounted for most of AceVector’s FY26 revenue increase. Consolidated revenue from operations rose 29.2% to Rs 51.0381 crore in FY26 from Rs 39.5019 crore in FY25, an increase of Rs 11.5362 crore. SaaS added Rs 6.9548 crore over the same period, while marketplace revenue increased Rs 4.3808 crore and consumer-brands revenue increased Rs 0.1389 crore before inter-segment eliminations.

The comparison shows that SaaS grew faster than AceVector’s other reported operating segments over the three financial years ended March 31. Marketplace revenue fell 1.2% in FY25 before rising 17.5% in FY26, while consumer-brands revenue remained below its FY24 level of Rs 2.3630 crore. The revenue-mix change would persist only if SaaS continues to grow faster than total group revenue.

Why did AceVector’s SaaS revenue mix increase?

AceVector’s SaaS revenue mix increased to 40.04% in FY26 from 34.12% in FY25 and 27.28% in FY24. Marketplace revenue’s share moved in the other direction, declining to 57.54% in FY26 from 63.25% in FY25 and 66.59% in FY24. These percentages are calculated against revenue from operations after inter-segment eliminations of Rs 0.0439 crore in FY26, Rs 0.1056 crore in FY25 and Rs 0.0337 crore in FY24.

The mix shift occurred alongside different segment-level adjusted EBITDA outcomes. SaaS adjusted EBITDA rose to Rs 4.1277 crore in FY26 from Rs 2.5347 crore in FY25 and Rs 1.6196 crore in FY24. Marketplace adjusted EBITDA was a loss of Rs 5.0251 crore in FY26, compared with losses of Rs 4.8006 crore in FY25 and Rs 3.6720 crore in FY24. Adjusted EBITDA is a company-defined measure that adjusts earnings before interest, taxes, depreciation and amortisation for specified items.

SaaS adjusted EBITDA margin was 20.2% in FY26, calculated as Rs 4.1277 crore divided by Rs 20.4338 crore of segment revenue. The same calculation gives 18.8% in FY25 and 15.6% in FY24, meaning adjusted EBITDA increased faster than SaaS revenue across the period. At the consolidated level, AceVector still reported adjusted EBITDA loss of Rs 1.5942 crore in FY26, improved from a loss of Rs 3.9155 crore in FY25.

What operating measures supported AceVector SaaS growth?

AceVector’s SaaS segment increased its reported client base and transaction run-rate in FY26. Unique clients across Uniware, Shipway and Convertway reached 8,261 as of the quarter ended March 31, 2026, compared with 7,008 a year earlier and 3,502 in FY24. A client using more than one platform is counted once, using the permanent account number for domestic clients or the billing entity name for international clients.

Uniware’s annual transaction run-rate reached 1.15579 billion order items in FY26, versus 982.61 million in FY25 and 791.63 million in FY24. The measure is not a full-year transaction total: it annualises order items processed in the most recent quarter by multiplying the quarter’s volume by four. Higher activity and a larger client base can support recurring revenue, but the disclosed figures do not identify revenue by client or product.

The product suite covers several stages of e-commerce operations. Uniware offers order, inventory, warehouse and omnichannel retail management; Shipway provides courier aggregation, shipping automation, return and exchange tools; and Convertway provides marketing automation and customer engagement services. In the second half of FY26, Unicommerce launched Catalyst AI for Convertway, UniBot AI for Uniware and ShipWise AI for Shipway for marketing, operations and logistics use cases.

How did Shipway and Convertway expand AceVector’s SaaS platform?

AceVector said Unicommerce’s acquisition of Shipway Technology Private Limited added the complementary Shipway and Convertway solutions to its portfolio. Client figures for Shipway and Convertway are included for the relevant periods after the acquisition, so the increase from 3,502 clients in FY24 to 8,261 in FY26 includes both a broader product perimeter and subsequent expansion. The disclosure does not separate organic client additions from acquisition-related additions.

The combined platforms had 353 integrations as of March 31, 2026. These comprised 151 marketplace and web-store integrations, 129 logistics-partner integrations and 11 enterprise resource planning, point-of-sale and other operational-system integrations for Uniware, plus 46 Shipway and 16 Convertway integrations. Enterprise resource planning, or ERP, refers to software for core business processes, while point of sale, or POS, refers to systems used for store transactions.

The added products widened Unicommerce’s coverage from pre-purchase marketing through order processing to post-delivery logistics. Its annual recurring revenue, defined as SaaS revenue in the quarter ended March 31, 2026 multiplied by four, was Rs 20.6512 crore. That annualised metric is higher than FY26 reported SaaS revenue of Rs 20.4338 crore because it uses the most recent quarter’s revenue run-rate rather than the full-year reported result.

What limits the effect of SaaS profitability on AceVector?

AceVector’s profitable SaaS segment did not make the consolidated business profitable in FY26. AceVector reported a restated loss for the year of Rs 4.5506 crore in FY26, compared with Rs 12.6306 crore in FY25 and Rs 5.1297 crore in FY24. FY26 total expenses of Rs 57.5220 crore exceeded total income of Rs 53.7665 crore.

Marketplace remained the largest operating segment at 57.54% of FY26 revenue and delivered 25.98 million units during the year. Its contribution margin, defined as marketplace revenue less marketplace logistics expense, was Rs 10.9472 crore in FY26, down from Rs 11.1028 crore in FY25 and Rs 14.5305 crore in FY24. Logistics expense for Snapdeal and Shipway courier aggregation accounted for 41.78% of AceVector’s total expense in FY26.

AceVector also identifies customer churn among small and medium businesses and changes in marketplace application programming interfaces, tax regulations and logistics standards as SaaS-sector risks. Application programming interfaces, or APIs, are software connections that enable systems to exchange data. Maintaining the FY26 margin therefore depends on retaining clients, keeping products compatible with external systems and managing service costs as transaction volumes change.

Conclusion

AceVector’s FY26 results show that SaaS became a larger part of the group, contributing Rs 20.4338 crore of revenue, 40.04% of revenue from operations and Rs 4.1277 crore of adjusted EBITDA. The movement reflects 97.3% SaaS revenue growth from FY24, a higher reported client count and the expanded Uniware, Shipway and Convertway product suite, while marketplace remained larger but loss-making on an adjusted EBITDA basis.

The disclosed developments to watch are use of the AI-first capabilities launched in the second half of FY26 and the continued integration of Shipway and Convertway. The unresolved financial issue is whether SaaS growth and its 20.2% FY26 adjusted EBITDA margin can offset marketplace losses, which were Rs 5.0251 crore in FY26, and reduce AceVector’s consolidated adjusted EBITDA loss.